Japan/Asia Long-Short, LightStream Research

Mio Kato

Over 15 years analysing Japanese and Asian stocks from a long/short perspective

I focus on cyclically driven sectors such as Gaming, Factory Automation and Autos

An eclectic background as a long-short analyst, upper management at a financial data startup through its listing, and as the founder of a team analysing big/alternative data, all of which supports independent and differentiated views... we hope

An appreciation for Mathematics drives the development of a "Micro-Quantamental" process which can provide a data-driven, historically-informed and semi-automated foundation upon which to layer more qualitative and judgemental analysis, thus improving investment decision-making speed and accuracy

Japan/Asia Long-Short

Subaru: MTP Does Nothing to Quash Negative Momentum

Subaru: Margin Erosion Progressing Faster than We Expected, 1Q Sales Drop Surprisingly Large

Toyota: 3 Ways to Forecast JPY2,750bn OP Despite US Margins (Temporarily) Trailing Peers

SUBARU：Data Alteration Immaterial but Lacking Ethical Standards Could Be

SUBARU: Meeting with CFO Leaves Us Concerned

Subaru: Fuel Economy Falsification Looks to Be a Non-Issue to Us

SUBARU: Battle of the Research Platforms and FY17 Analyst Meeting Takeaways

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<p>With <a href="https://www.smartkarma.com/entities/5439" target="_blank" data-smartkarma-citation="entities:5439:1">Subaru Corp (7270 JP)</a> installing a <a href="https://asia.nikkei.com/Business/Companies/Subaru-s-new-CEO-faces-challenges-beyond-corporate-scandals" target="_blank">new management team on Friday</a> following the series of quality related scandals involving unqualified inspectors and manipulated fuel efficiency data, we would expect some form of medium term plan around Aug to set the tone for the change in leadership. The timing off these issues creates a difficult situation for Subaru as it now has to deal with restoring its image while managing a weakening US automarket and increasing expense burdens from evolving…</p>

With Subaru Corp (7270 JP) installing a new management team on Friday following the series of quality related scandals involving unqualified inspectors and manipulated fuel efficiency data, we would expect some form of medium term plan around Aug to set the tone for the change in leadership. The timing off these issues creates a difficult situation for Subaru as it now has to deal with restoring its image while managing a weakening US automarket and increasing expense burdens from evolving…

スバル：業績不振、8月中期経営計画は上振れリスクも、減配の可能性も